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Group of Seven leaders have reached a consensus on allocating $50 billion for Ukraine through immobilized Russian assets by the end of 2024.
That’s according to AFP.
The G7 leaders plan to officially announce about the decision at the G7 summit on June 13-14.
“There is an agreement. As always in the G7, the leaders adopt decisions, and then technical experts do their job to shape them,” the Elysee Palace representative told AFP on June 12.
” [The profits] are a smart tool that demonstrates our unity to Putin, helps Ukraine a lot and takes the burden off budgets. Now we are working on the details,” the Minister of Finances of Germany Christian Lindner confirmed the information.
G7 nations will grant loans to Ukraine, expecting that they will be paid off with the profits generated by $280 billion of blocked funds, most of which are stuck in Europe.The loans will be structured according to each participant’s internal procedures, hence, each of them will carry the risk of the loans they provide in case the assets generate fewer profits than calculated.
The proposal was initially developed by the United States as a way to secure considerable financial assistance for Ukraine before the presidential elections in November 2024.
Read also: Ukraine and US to sign bilateral security agreement at G7 summit in Italy, – Jake Sullivan
